Cash Book
Discount allowed is an____
What is an expense?
Asset that does not depreciate
What is land?
What is credit sales?
An entity's life is indefinite
What is Going Concern?
Being straightforward and honest
What is Integrity
Cheques are entered under this column
What is bank?
The most liquid asset
What is cash?
Sales Ledger contains the name of these
What are debtors?
Transactions with only monetary value are recorded
What is Money Measurement Concept?
Update skills and knowledge
What is professional competence and due care?
A debit to the cash book
What is money coming in/being received?
More that one year to repay
What is a long-term liability?
Goods returned to the business
What is returns inwards
Only transactions of substantial amounts are recorded
What is Materiality?
Free from bias, conflicts of interest and undue influence
What is Objectivity?
To encourage prompt payments of credit transactions?
What is a discount?
Owner investment into the business
What is capital?
Source document used for credit purchases
What is an invoice?
What is Accruals/Matching Concept?
Avoiding disclosing information to others without proper specific information to do so
What is confidentiality?
Bank and Cash affected by the same transaction
What is a contra?
Current Assets - Current Liabilities
What is working capital
Source document for goods returned
What is a credit note?
The business and the owner are treated as separate
What is Business Entity/Separate Entity Concept?
Imprisonment, fines, loss of job, loss of respect
What are consequences for unethical behaviour?